Thanh Nien News

Saturday, February 3, 2007

US eyes closer trade, investment ties with Vietnam

The US hopes to open negotiations with Vietnam on the Trade and Investment Framework Arrangement (TIFA) to facilitate trade and investment exchanges between the two nations.

At a meeting with the Ho Chi Minh City administration Friday, Barbara Weisel, Assistant US Trade Representative for Southeast Asia and the Pacific, said TIFA would be an important step towards establishing a free trade agreement (FTA) with Vietnam.

Next week a group of US experts would visit Vietnam to work on the Generalized System of Preferences (GSP), Barbara said. Products in the GPS list are exempt from US import tariffs.

Nguyen Trung Tin, deputy head of the municipal government, hoped trade relations could be developed between HCMC and the US, especially San Francisco, an officially designated twin city.

HCMC was striving to reform its laws and policies to create a friendlier business environment and attract more foreign investment.

In Southeast Asia the US has already held TIFA and FTA negotiations with Thailand and Malaysia.

Over 4600 commodities from 144 countries are present in the GSP list.

Source: Tuoi Tre - Translated by Tuong Nhi